Financial Data and Key Metrics Changes - In 2024, total revenue reached RMB93.5 billion, growing over 20% year-over-year [21][37] - Gross margin was 24.6%, with an adjusted operating margin of 7.4% for the year [40] - Adjusted net margin reached 7.7%, with full-year adjusted net income at RMB7.21 billion [40] Business Line Data and Key Metrics Changes - Existing home transactions GTV rose nearly 11% year-over-year to RMB2.25 trillion, while new home transaction GTV was RMB970 billion, down 3.3% year-over-year [21][37] - Home renovation and furnishing business revenue grew by 36% year-over-year to RMB14.8 billion [23][39] - Home rental services revenue surged by 135% year-over-year to RMB14.3 billion, with over 430,000 rental units under management [24][39] Market Data and Key Metrics Changes - The proportion of existing home GTV in total market GTV increased from 40% in 2023 to 46% in 2024 [35] - New home sales declined by 18% in 2024, but existing home transactions rose by about 15% year-over-year [85][88] - Average area and proportion of homes with three bedrooms and above increased year-over-year in key cities [36] Company Strategy and Development Direction - The company aims to enhance service quality and empower top-performing agents, focusing on a new paradigm for growth [16][30] - The "one body, three wings" strategy has achieved interim success, with a focus on scale growth in home renovation and furnishing [22][39] - The company plans to leverage AI technology to improve operational efficiency and customer experience [12][30] Management's Comments on Operating Environment and Future Outlook - The management noted that the real estate market is experiencing accelerated changes, with increased uncertainty in customer decision-making [10][34] - The company expects the existing home market to realize moderate recovery in 2025, while the new home market adjustment may continue [100] - Management emphasized the importance of technology and human-centric approaches to address industry challenges [29][31] Other Important Information - The company repurchased around US$716 million worth of shares in 2024, accounting for about 3.9% of total shares outstanding [60][61] - A final cash dividend of US$0.12 per ordinary share was approved for 2024, totaling approximately US$0.4 billion [62] Q&A Session Summary Question: Utilization of technology for Beike - Management discussed the potential of AI to enhance efficiency and user experience across various business areas, including home renovation and customer services [66][68] Question: Property market outlook - Management highlighted the strong rebound in the property market since September 2024, with expectations for stabilization in existing home prices [82][84] Question: Agency business growth - Management reported a 20% increase in active non-Lianjia stores and an 11% increase in active non-Lianjia agents, emphasizing the importance of ecosystem governance [103][106] Question: Home rental business stability - Management noted significant growth in the home rental business, focusing on service and efficiency to maintain stability and improve profitability [120][122]